The U.S. stock market concluded Thursday, October 30, 2025, with a mixed performance, as investors grappled with a barrage of mixed signals from the latest round of big tech earnings, a cautious Federal Reserve, and evolving U.S.-China trade relations. While the Dow Jones Industrial Average showed resilience, the broader S&P 500 and tech-heavy Nasdaq Composite retreated from recent record highs, reflecting a market in a state of cautious anticipation.

Major Index Performance Recap

The Dow Jones Industrial Average (DJIA) managed to hold relatively steady, slipping a modest 0.2%, or 109.88 points, to close at 47,522.12. This performance came after earlier reports indicated it had surged by 0.55% during the day, driven by gains in industrial and financial sectors. The blue-chip index had touched new intraday highs on Wednesday before paring gains.

In contrast, the S&P 500 index experienced a more significant decline, falling 1%, or 68.25 points, to settle at 6,822.34. This marks its second consecutive day of losses and pulls it further from its all-time high set earlier in the week. The Nasdaq Composite (IXIC), heavily weighted with technology stocks, bore the brunt of the selling pressure, dropping 1.6%, or 377.33 points, to close at 23,581.14. This decline followed its own record high achieved just yesterday. The divergence in index performance underscores a prevailing theme of sector rotation and selective investor sentiment.

Key Market Drivers and Upcoming Events

A significant factor influencing today's market was the Federal Reserve's recent policy decision. On Wednesday, the Fed implemented a widely anticipated 25-basis-point interest rate cut, bringing the benchmark rate down to a target range of 3.75% to 4.00%. However, Fed Chair Jerome Powell's subsequent comments tempered enthusiasm, as he indicated that an additional interest rate cut in December "is not a foregone conclusion—far from it". This hawkish stance led traders to pare back their bets on further easing, contributing to market uncertainty.

Geopolitical developments also played a role, with investors digesting the outcomes of a highly anticipated meeting between U.S. President Donald Trump and Chinese leader Xi Jinping. While President Trump hailed the talks, announcing a rare earths mineral agreement and a reduction in certain tariffs on China, analysts noted that the results were "more like small gestures instead of a grand bargain," and major tensions between the two economic powers persist.

Looking ahead, the economic calendar for November 2025 presents several key events that could impact market direction. Investors will be closely watching the Markit PMI Manufacturing SA (Final) on November 3, followed by JOLTS Job Openings on November 4, and ISM Services Business Activity on November 5. Crucially, the Consumer Price Index (CPI) ex-Food & Energy NSA Y/Y is scheduled for November 13, and the Producer Price Index (PPI) ex-Food & Energy NSA Y/Y on November 14, both of which will provide critical insights into inflation trends. The release of the FOMC Minutes on November 19 will also be scrutinized for further clues on the Fed's future monetary policy path. The ongoing U.S. government shutdown has also raised concerns, with Powell noting the challenge in forecasting economic outcomes due to delayed data releases, particularly the October jobs report.

Major Stock News and Post-Market Earnings

Today's market action was heavily influenced by a wave of earnings reports from major technology companies. After the market close on Wednesday, tech giants Microsoft (MSFT), Meta Platforms (META), and Alphabet (GOOGL) (Google's parent company) released their quarterly results.

Microsoft shares were down approximately 3% today, despite solid cloud computing performance, as the company signaled a potential deceleration in enterprise software spending in certain international markets due to global economic uncertainties. Meta Platforms saw its shares tumble 11.3% after reporting earnings per share that significantly missed analysts' forecasts. The social media giant cited a substantial $16 billion one-time tax charge related to the "One Big Beautiful Bill" and warned of accelerating AI-related expense growth for the next year, raising investor concerns about its hefty investments in artificial intelligence. In stark contrast, Alphabet shares surged 2.5% to a new record high, celebrating its first-ever quarter surpassing $100 billion in revenue. Investors cheered the accelerating growth in its AI and cloud divisions, the resilience of its advertising business, and a favorable antitrust ruling.

Other significant movements included Nvidia (NVDA), which, after becoming the first company to reach a $5 trillion market capitalization on Wednesday, saw its shares end 2% lower today. On the upside, Salesforce (CRM) climbed 2.62% to $258.05, Goldman Sachs (GS) jumped 2.48% to $802.51, and Walt Disney (DIS) added 2.40% to reach $112.89, all contributing to the Dow's earlier gains. Eli Lilly (LLY) also rose 3.8% after delivering stronger-than-expected profit and revenue, crediting robust sales of its Mounjaro and Zepbound drugs for diabetes and obesity, and raising its full-year forecasts. C.H. Robinson Worldwide (CHRW) was the top-performing S&P 500 stock, soaring about 20% after beating profit estimates and lifting its fiscal 2026 operating income target.

Conversely, Boeing (BA) was the worst-performing stock in the Dow for the second consecutive day, falling 3.3% after reporting weaker-than-expected profit and a substantial $4.9 billion charge related to updated 777X certification timing. Chipotle Mexican Grill (CMG) shares sank between 17% and 18.2% after cutting its comparable-restaurant sales outlook, citing a decline in visits from 25- to 34-year-old customers. Sprouts Farmers Market (SFM) also plummeted over 25% following a weak outlook and soft same-store sales.

As the market closed, investors turned their attention to several major earnings reports scheduled for after-hours. Apple Inc. (AAPL) is set to release its fiscal fourth-quarter earnings, with bullish analysts anticipating strong results driven by the iPhone 17 lineup and an upbeat outlook for the upcoming holiday season. Amazon.com Inc. (AMZN) is also on deck to report its third-quarter earnings, with a keen focus on its robust cloud business, Amazon Web Services (AWS), and its burgeoning artificial intelligence initiatives. Other notable companies reporting after the bell include Gilead Sciences Inc. (GILD), Stryker Corp. (SYK), Coinbase Global Inc. (COIN), MicroStrategy Inc. (MSTR), Motorola Solutions Inc. (MSI), Cloudflare Inc. (NET), Arthur J. Gallagher & Co. (AJG), Republic Services Inc. (RSG), Monolithic Power Systems Inc. (MPWR), and Western Digital Corp. (WDC). These reports are expected to set the tone for the market heading into the final trading day of the week and month.